Opinion: Obama's Mortgage Freebies

1/17/2013 3:11PM

Basil Petrou, Federal Financial Analytics managing partner, on the Consumer Financial Protection Bureau's new mortgage rules and how the feds control nearly every corner of the housing market. Photo: Associated Press

This transcript has been automatically generated and may not be 100% accurate.

... turnout another debacle housing ... the federal government today announced new efforts to keep homeowners ... who aren't paying their monthly mortgage payments in their homes for free ... of course they're not going to tell you that ... if that federal financial analytics managing partner ... gossip to truly here to explain ... why in the world is going on Basel ... the Consumer Financial Protection Bureau telling mortgage servicers ... he got to tell people how they can stay in their homes even if they're not paying why would they do that ... well this is part of it was the Dodd Frank Act ... ask them to write this though instructed them to write this rule and they came out with a seven hundred and fifty page rule ... but in course reflects the agenda of the current administration ... and ... that is in part to protect our ... homeowners ... who are in fact stop in ... for clothes prop properties are closed foreclosure ... and they're getting some the giving them some more time ... the key factor in other words if you are either a responsible homeowner that pain you're more gauge ... in your underwater on your line you're kind of a soccer ... on the bottle ... now we've got ... government everywhere ... backing mortgages telling servicers what to do telling banks wonder State Warriors and Leinart ... that was the eight hundred summing Page who last week ... we never any get government out housing ... well the only way we're really going to change the market for mortgages today ... is to get something saddled with respect to Fannie Mae Freddie Mac and the FHA ... these are the key players and this is the government ... are writ large in the mortgage market ... these decisions have to be me ... to get Fannie Mae and Freddie Mac and the FHA ... into a box where they will serve ... the bar words that need to be served ... with or without a government with a government guarantee so that the private market can go and serve the others Basel we got about less than thirty seconds left you seen any indication ... from Tennessee true reform none of this Congress yesterday ... I think we we all are with respect to Fannie Mae Freddie Mac and FHA primarily because of the budget issues ... he were talking about trillions of dollars of mortgages ... that are currently ... with the government Greece are ... results ... and as a result we are going after their run a half to deal with the cost of ... continuing the government to our coverage on these mortgages ... will leave it that that federal financial analytics managing partner ... Basile picture joining us from Washington ... with more not so nice news from the housing market if